CXMT Shares Surge 466% on Shanghai Stock Exchange IPO Debut
Shares of Chinese memory-chip maker ChangXin Memory Technologies (CXMT) surged 466% on their first trading day on the Shanghai Stock Exchange. The shares were priced at 8.66 yuan in the IPO under the ticker 688825 and closed at 49 yuan after reaching an intraday high above 55 yuan.
The sharp rally lifted the company’s market capitalization to 3.3 trillion yuan (approximately US$488 billion), allowing CXMT to overtake the Industrial and Commercial Bank of China (ICBC) as the most valuable publicly traded company on mainland China’s stock exchanges. The IPO raised 57.9 billion yuan (about US$8.6 billion).
The offering was the largest IPO in Asia in 2026 and the biggest ever by a Chinese semiconductor company. CXMT is the world’s fourth-largest supplier of DRAM memory chips, behind Samsung, SK Hynix, and Micron. Analysts say strong investor demand reflects the rapid expansion of artificial intelligence and the growing need for memory chips used in AI servers and data centers.
The company is aggressively expanding its manufacturing capacity as part of China’s strategy to reduce its reliance on foreign technology. However, analysts warn that CXMT shares could remain highly volatile because only a limited portion of the company’s shares is currently available in free float. The company’s long-term outlook also remains subject to US export restrictions and the cyclical nature of the global memory-chip market.
